Intrinsic value of Advantage Oil&Gas - AAV

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$5.85

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$5.85

 
Intrinsic value

$1.53

 
Up/down potential

-74%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AAV stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  23.40
  22.90
  21.11
  19.50
  18.05
  16.74
  15.57
  14.51
  13.56
  12.71
  11.93
  11.24
  10.62
  10.06
  9.55
  9.09
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
Revenue, $m
  116
  155
  188
  224
  265
  309
  357
  409
  464
  523
  586
  651
  721
  793
  869
  948
  1,030
  1,116
  1,205
  1,298
  1,394
  1,494
  1,598
  1,706
  1,818
  1,935
  2,057
  2,183
  2,315
  2,453
  2,596
Variable operating expenses, $m
 
  15
  18
  21
  25
  29
  34
  39
  44
  50
  56
  62
  68
  75
  83
  90
  98
  106
  114
  123
  132
  142
  152
  162
  173
  184
  195
  207
  220
  233
  247
Fixed operating expenses, $m
 
  85
  87
  89
  92
  94
  96
  99
  101
  104
  106
  109
  112
  114
  117
  120
  123
  126
  129
  133
  136
  139
  143
  146
  150
  154
  158
  162
  166
  170
  174
Total operating expenses, $m
  131
  100
  105
  110
  117
  123
  130
  138
  145
  154
  162
  171
  180
  189
  200
  210
  221
  232
  243
  256
  268
  281
  295
  308
  323
  338
  353
  369
  386
  403
  421
Operating income, $m
  -15
  55
  83
  113
  148
  186
  227
  271
  319
  370
  424
  481
  541
  603
  669
  738
  809
  884
  961
  1,042
  1,125
  1,212
  1,303
  1,397
  1,495
  1,597
  1,704
  1,814
  1,929
  2,050
  2,175
EBITDA, $m
  71
  162
  212
  268
  331
  399
  473
  554
  640
  731
  828
  931
  1,038
  1,151
  1,269
  1,392
  1,521
  1,655
  1,794
  1,938
  2,088
  2,245
  2,407
  2,576
  2,752
  2,934
  3,125
  3,323
  3,529
  3,744
  3,969
Interest expense (income), $m
  7
  15
  20
  26
  32
  39
  46
  55
  63
  73
  83
  93
  104
  116
  128
  141
  154
  168
  183
  198
  214
  230
  247
  264
  283
  302
  321
  342
  363
  386
  409
Earnings before tax, $m
  -15
  40
  62
  88
  116
  147
  180
  217
  256
  297
  341
  387
  436
  487
  541
  596
  655
  715
  778
  844
  912
  983
  1,056
  1,133
  1,213
  1,296
  1,382
  1,472
  1,566
  1,664
  1,766
Tax expense, $m
  -3
  11
  17
  24
  31
  40
  49
  59
  69
  80
  92
  105
  118
  132
  146
  161
  177
  193
  210
  228
  246
  265
  285
  306
  327
  350
  373
  397
  423
  449
  477
Net income, $m
  -12
  29
  45
  64
  84
  107
  132
  158
  187
  217
  249
  283
  318
  356
  395
  435
  478
  522
  568
  616
  666
  717
  771
  827
  885
  946
  1,009
  1,075
  1,143
  1,215
  1,289

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,108
  1,866
  2,260
  2,700
  3,188
  3,721
  4,301
  4,925
  5,593
  6,303
  7,055
  7,849
  8,682
  9,555
  10,467
  11,419
  12,411
  13,443
  14,517
  15,633
  16,792
  17,998
  19,250
  20,552
  21,905
  23,313
  24,779
  26,304
  27,893
  29,549
  31,276
Adjusted assets (=assets-cash), $m
  1,108
  1,866
  2,260
  2,700
  3,188
  3,721
  4,301
  4,925
  5,593
  6,303
  7,055
  7,849
  8,682
  9,555
  10,467
  11,419
  12,411
  13,443
  14,517
  15,633
  16,792
  17,998
  19,250
  20,552
  21,905
  23,313
  24,779
  26,304
  27,893
  29,549
  31,276
Revenue / Adjusted assets
  0.105
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
Average production assets, $m
  1,073
  1,733
  2,099
  2,509
  2,962
  3,457
  3,996
  4,576
  5,196
  5,856
  6,555
  7,292
  8,066
  8,877
  9,725
  10,610
  11,531
  12,490
  13,488
  14,524
  15,602
  16,722
  17,885
  19,095
  20,352
  21,661
  23,022
  24,439
  25,916
  27,454
  29,058
Working capital, $m
  -15
  37
  45
  53
  63
  74
  85
  97
  110
  125
  139
  155
  172
  189
  207
  226
  245
  266
  287
  309
  332
  356
  380
  406
  433
  461
  489
  520
  551
  584
  618
Total debt, $m
  113
  377
  479
  594
  721
  860
  1,010
  1,172
  1,346
  1,531
  1,726
  1,933
  2,149
  2,376
  2,614
  2,861
  3,119
  3,387
  3,666
  3,957
  4,258
  4,571
  4,897
  5,235
  5,587
  5,953
  6,334
  6,731
  7,144
  7,575
  8,024
Total liabilities, $m
  213
  485
  587
  702
  829
  968
  1,118
  1,280
  1,454
  1,639
  1,834
  2,041
  2,257
  2,484
  2,722
  2,969
  3,227
  3,495
  3,774
  4,065
  4,366
  4,679
  5,005
  5,343
  5,695
  6,061
  6,442
  6,839
  7,252
  7,683
  8,132
Total equity, $m
  894
  1,381
  1,672
  1,998
  2,359
  2,754
  3,182
  3,644
  4,139
  4,664
  5,221
  5,808
  6,425
  7,071
  7,746
  8,450
  9,184
  9,948
  10,743
  11,568
  12,426
  13,318
  14,245
  15,208
  16,210
  17,252
  18,336
  19,465
  20,641
  21,866
  23,144
Total liabilities and equity, $m
  1,107
  1,866
  2,259
  2,700
  3,188
  3,722
  4,300
  4,924
  5,593
  6,303
  7,055
  7,849
  8,682
  9,555
  10,468
  11,419
  12,411
  13,443
  14,517
  15,633
  16,792
  17,997
  19,250
  20,551
  21,905
  23,313
  24,778
  26,304
  27,893
  29,549
  31,276
Debt-to-equity ratio
  0.126
  0.270
  0.290
  0.300
  0.310
  0.310
  0.320
  0.320
  0.330
  0.330
  0.330
  0.330
  0.330
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
Adjusted equity ratio
  0.807
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -12
  29
  45
  64
  84
  107
  132
  158
  187
  217
  249
  283
  318
  356
  395
  435
  478
  522
  568
  616
  666
  717
  771
  827
  885
  946
  1,009
  1,075
  1,143
  1,215
  1,289
Depreciation, amort., depletion, $m
  86
  107
  130
  155
  183
  213
  247
  282
  321
  362
  405
  450
  498
  548
  600
  655
  712
  771
  833
  897
  963
  1,032
  1,104
  1,179
  1,256
  1,337
  1,421
  1,509
  1,600
  1,695
  1,794
Funds from operations, $m
  129
  136
  175
  219
  267
  321
  378
  441
  507
  578
  654
  733
  816
  904
  995
  1,090
  1,190
  1,293
  1,401
  1,512
  1,629
  1,749
  1,875
  2,006
  2,142
  2,283
  2,430
  2,583
  2,743
  2,909
  3,083
Change in working capital, $m
  0
  7
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
Cash from operations, $m
  129
  166
  167
  210
  258
  310
  367
  428
  494
  564
  639
  717
  800
  886
  977
  1,072
  1,170
  1,273
  1,379
  1,490
  1,606
  1,726
  1,850
  1,980
  2,115
  2,255
  2,401
  2,553
  2,712
  2,877
  3,049
Maintenance CAPEX, $m
  0
  -87
  -107
  -130
  -155
  -183
  -213
  -247
  -282
  -321
  -362
  -405
  -450
  -498
  -548
  -600
  -655
  -712
  -771
  -833
  -897
  -963
  -1,032
  -1,104
  -1,179
  -1,256
  -1,337
  -1,421
  -1,509
  -1,600
  -1,695
New CAPEX, $m
  -94
  -323
  -366
  -409
  -453
  -496
  -538
  -580
  -621
  -660
  -699
  -737
  -774
  -811
  -848
  -885
  -922
  -959
  -997
  -1,037
  -1,077
  -1,120
  -1,164
  -1,210
  -1,258
  -1,308
  -1,361
  -1,417
  -1,476
  -1,539
  -1,604
Cash from investing activities, $m
  -94
  -410
  -473
  -539
  -608
  -679
  -751
  -827
  -903
  -981
  -1,061
  -1,142
  -1,224
  -1,309
  -1,396
  -1,485
  -1,577
  -1,671
  -1,768
  -1,870
  -1,974
  -2,083
  -2,196
  -2,314
  -2,437
  -2,564
  -2,698
  -2,838
  -2,985
  -3,139
  -3,299
Free cash flow, $m
  35
  -244
  -306
  -329
  -350
  -369
  -385
  -398
  -409
  -417
  -422
  -424
  -425
  -423
  -419
  -413
  -406
  -398
  -389
  -379
  -368
  -357
  -345
  -334
  -322
  -309
  -297
  -285
  -273
  -262
  -250
Issuance/(repayment) of debt, $m
  -29
  90
  102
  115
  127
  139
  151
  162
  174
  185
  196
  206
  217
  227
  237
  248
  258
  268
  279
  290
  302
  313
  326
  338
  352
  366
  381
  397
  413
  431
  449
Issuance/(repurchase) of shares, $m
  0
  413
  495
  540
  584
  625
  663
  698
  729
  758
  783
  805
  824
  842
  857
  870
  882
  894
  904
  915
  925
  935
  947
  958
  971
  985
  1,001
  1,018
  1,036
  1,056
  1,079
Cash from financing (excl. dividends), $m  
  -35
  503
  597
  655
  711
  764
  814
  860
  903
  943
  979
  1,011
  1,041
  1,069
  1,094
  1,118
  1,140
  1,162
  1,183
  1,205
  1,227
  1,248
  1,273
  1,296
  1,323
  1,351
  1,382
  1,415
  1,449
  1,487
  1,528
Total cash flow (excl. dividends), $m
  0
  -154
  -203
  -214
  -223
  -230
  -234
  -236
  -235
  -232
  -226
  -218
  -208
  -196
  -182
  -166
  -149
  -130
  -110
  -89
  -67
  -44
  -20
  5
  30
  57
  84
  111
  140
  169
  199
Retained Cash Flow (-), $m
  -64
  -259
  -291
  -326
  -361
  -395
  -429
  -462
  -494
  -526
  -557
  -587
  -617
  -646
  -675
  -704
  -734
  -764
  -794
  -826
  -858
  -892
  -927
  -963
  -1,002
  -1,042
  -1,084
  -1,129
  -1,176
  -1,225
  -1,278
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  72.2
  52.5
  39.3
  30.1
  23.6
  18.8
  15.3
  12.7
  10.6
  9.0
  7.8
  6.8
  6.0
  5.3
  4.7
  4.3
  3.9
  3.5
  3.3
  3.0
  2.8
  2.6
  2.4
  2.3
  2.1
  2.0
  1.9
  1.8
  1.7
  1.6

Advantage Oil & Gas Ltd., together with its subsidiaries, acquires, exploits, develops, and produces oil and gas in the province of Alberta, Canada. The company produces and sells crude oil, natural gas, and natural gas liquids primarily through marketing companies. It principally focuses on the development and delineation of its Montney natural gas and liquids resource that consists of 137 net sections of land in Glacier, Alberta. The company was founded in 2001 and is headquartered in Calgary, Canada.

FINANCIAL RATIOS  of  Advantage Oil&Gas (AAV)

Valuation Ratios
P/E Ratio -90
Price to Sales 9.3
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 30.9
Growth Rates
Sales Growth Rate 23.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.8%
Cap. Spend. - 3 Yr. Gr. Rate -2.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 12.6%
Total Debt to Equity 12.6%
Interest Coverage -1
Management Effectiveness
Return On Assets -0.6%
Ret/ On Assets - 3 Yr. Avg. 1%
Return On Total Capital -1.2%
Ret/ On T. Cap. - 3 Yr. Avg. 0.5%
Return On Equity -1.4%
Return On Equity - 3 Yr. Avg. 0.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 87.1%
Gross Margin - 3 Yr. Avg. 88.3%
EBITDA Margin 67.2%
EBITDA Margin - 3 Yr. Avg. 88.9%
Operating Margin -12.9%
Oper. Margin - 3 Yr. Avg. 20.6%
Pre-Tax Margin -12.9%
Pre-Tax Margin - 3 Yr. Avg. 20.6%
Net Profit Margin -10.3%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 20%
Eff/ Tax Rate - 3 Yr. Avg. 25.6%
Payout Ratio 0%

AAV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AAV stock intrinsic value calculation we used $126 million for the last fiscal year's total revenue generated by Advantage Oil&Gas. The default revenue input number comes from 2016 income statement of Advantage Oil&Gas. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AAV stock valuation model: a) initial revenue growth rate of 22.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.7%, whose default value for AAV is calculated based on our internal credit rating of Advantage Oil&Gas, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Advantage Oil&Gas.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AAV stock the variable cost ratio is equal to 9.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $83 million in the base year in the intrinsic value calculation for AAV stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Advantage Oil&Gas.

Corporate tax rate of 27% is the nominal tax rate for Advantage Oil&Gas. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AAV stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AAV are equal to 1119.4%.

Life of production assets of 16.2 years is the average useful life of capital assets used in Advantage Oil&Gas operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AAV is equal to 23.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1122 million for Advantage Oil&Gas - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 183.471 million for Advantage Oil&Gas is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Advantage Oil&Gas at the current share price and the inputted number of shares is $1.1 billion.


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COMPANY NEWS

▶ Advantage Oil & Gas reports 4Q loss   [Mar-03-17 05:00AM  Associated Press]
▶ Advantage Announces 2016 Year-End Reserves   [Feb-07-17 09:28PM  PR Newswire]
▶ Advantage Announces 2017 Budget and Development Plan   [Nov-28-16 08:24PM  PR Newswire]
▶ Advantage Announces Third Quarter 2016 Results   [Nov-03-16 05:55PM  PR Newswire]
▶ Advantage Provides Q3 2016 Operational Update   [Oct-12-16 10:05PM  PR Newswire]
▶ LNG Approval Is Not Too Late: Advantage Oil & Gas CEO   [Sep-28-16 05:37PM  at Bloomberg]
▶ Advantage Announces Second Quarter 2016 Results   [Aug-04-16 08:54PM  PR Newswire]
▶ [$$] Thailands Duty-Free King Buys Controlling Stake in Thai AirAsia   [Jun-15-16 12:27AM  at The Wall Street Journal]
▶ [$$] Thailand's Duty-Free King Buys Controlling Stake in Thai AirAsia   [Jun-14-16 05:34PM  at The Wall Street Journal]
▶ Advantage Announces First Quarter 2016 Results   [May-05-16 07:56PM  PR Newswire]
▶ Advantage Announces Closing of Equity Financing   [Mar-08-16 08:27AM  CNW Group]
▶ Advantage Announces 2015 Year-End Reserves   [Feb-16-16 06:00AM  PR Newswire]
▶ Is Globe Specialty Metals, Inc. (GSM) A Good Stock To Buy?   [Dec-02  08:44AM  at Insider Monkey]
▶ Is Astronics Corporation (ATRO) A Good Stock To Buy?   [Nov-26  02:44AM  at Insider Monkey]
▶ Advantage Announces Third Quarter 2015 Results   [Nov-05  08:42PM  PR Newswire]
▶ Advantage Announces First Quarter 2015 Results   [May-07  05:55PM  PR Newswire]
▶ Canada Stocks to Watch: Lululemon, Franco-Nevada, Capital Power and more   [Mar-26  09:37AM  at The Wall Street Journal]
▶ Advantage Delivers Strong 2014 Results   [Mar-25  07:27PM  PR Newswire]
▶ Advantage Announces 2014 Reserves & Operational Update   [Feb-17  06:48PM  PR Newswire]
Stock chart of AAV Financial statements of AAV
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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